Which Career path to choose?

I need some guidance choosing the proper career path. Here is my scenario, I would eventually probably partner up into the family business (development/ owner-operator of commercial real estate). I want to gain my own experience however and bring something of value to the table. I am interested in acquisitions and have therefore thought an analyst role would be the right job. Now I need to narrow it down to what type of analyst. Developer, Brokerage (investment sales & capital markets), Special Services, or a Credit analyst role at a Commercial Bank. Options i've considered so far are brokerages such as CBRE, La Salle, or HFF. Developers such as Related. Special Servicing such as Bayview or LNR. Commercial Banks such as Sabadell, etc.
Where do you all think I'd learn the most and gain the most solid and relevant analysis foundation. Truly appreciate it.

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Comments (10)

Oct 15, 2012 - 4:21pm

Well what stage are you at in (I'm assuming) your education? Also, what kind of family business is it?

I'm interested to hear what everyone's is going to say on this as well.

Maximum effort.
Oct 15, 2012 - 7:04pm

Sorry I should have clarified graduating this December as an undergraduate finance major so It's pretty immediate. I have had internships in some r/e brokerages and investment bank. And the family business is how I said developments and owner/ operatir of commercial properties I'm looking to add a new acquisition dimension to the business while my brother will be in charge of the operations. So where can I get the most relevant analysis

Oct 15, 2012 - 8:09pm

A place that is doing JV's with larger institutional players or a institutional player where you will be underwriting every single day.

Oct 15, 2012 - 10:16pm

Think of what it is you'll want to bring to your family firm, or your own, in the future:

  • Networks/relationships with asset owners, finance sources, investors, etc...
  • Deal process expertise (as a buyer, broker, work-out specialist, etc...)
  • Knowledge of different asset classes and business models.
  • Experience managing real estate portfolios/assets/companies or overseeing the same.

I would rank your job offers/targets accordingly. To my mind an acquisitions role would be most suitable (i.e. REPE, REIT, Developer/manager, other fund/institution/insurance co, etc...). There are many different kinds of firms apart from the usual suspects, dedicated fund managers like LaSalle or the RE arms of insurance companies. The next most suitable roles would be those at some form of RE brokerage/investment sales/capital market firms (e.g. CBRE, JLL, Eastdil type companies).

All of the aforementioned will give you the deal making and analysis exposure (to a greater or less extent), market knowledge and networks/relationships.

But if you're not able to land one of those jobs, I can still see you getting a lot of value out of other RE advisory/restructuring consulting type firms, RE finance/commercial lending groups at the better banks/financial institutions, or even asset management roles at a large RE company or fund. You'll get to see the financing side of the deal process, or the nuts-and-bolts of managing real estate assets at these types of firms respectively.

Oct 16, 2012 - 9:15pm
Relinquis:
Think of what it is you'll want to bring to your family firm, or your own, in the future:
  • Networks/relationships with asset owners, finance sources, investors, etc...
  • Deal process expertise (as a buyer, broker, work-out specialist, etc...)
  • Knowledge of different asset classes and business models.
  • Experience managing real estate portfolios/assets/companies or overseeing the same.

I would rank your job offers/targets accordingly. To my mind an acquisitions role would be most suitable (i.e. REPE, REIT, Developer/manager, other fund/institution/insurance co, etc...). There are many different kinds of firms apart from the usual suspects, dedicated fund managers like LaSalle or the RE arms of insurance companies. The next most suitable roles would be those at some form of RE brokerage/investment sales/capital market firms (e.g. CBRE, JLL, Eastdil type companies).

All of the aforementioned will give you the deal making and analysis exposure (to a greater or less extent), market knowledge and networks/relationships.

But if you're not able to land one of those jobs, I can still see you getting a lot of value out of other RE advisory/restructuring consulting type firms, RE finance/commercial lending groups at the better banks/financial institutions, or even asset management roles at a large RE company or fund. You'll get to see the financing side of the deal process, or the nuts-and-bolts of managing real estate assets at these types of firms respectively.

This is fantastic. Would give you a SB if I have one.
Just wonder how you would rank RE investment banking experience, such as M&A of REITs, debt offerings, etc. Does it merely serve as a stepping stone to REPEs or REITs, or can add any extra value?

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Oct 16, 2012 - 10:40am

When you're being interviewed and they ask you about the companies you have worked for, I would recommend leaving out the part that your dad is the owner... The reason I say this is pretty simple and I learned it the hard way; companies don't want to hire an analyst who is going to take their work experience, knowledge, data, models, and processes back to daddies shop.

If you're directly asked does your dad own the company? Obviously you should never lie, but if you do decided to disclose, make sure you can answer ---- why would you want to work here instead of for your own family?

Oct 16, 2012 - 10:33pm
REValuation:
If you're directly asked does your dad own the company? Obviously you should never lie, but if you do decided to disclose, make sure you can answer ---- why would you want to work here instead of for your own family?

This is indeed a very tough question. If the family business is sucessful enough, it's like being asked: why do you want to do grunt work and get paid less? If you say you are risk-adverse, you will probably earn less respect from RE people, because many of them are entrepreneurial to some degrees.

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